On June 28, 2024, the National Assembly of Pakistan officially approved the fiscal year (FY) 2024-25 federal budget. Finance Minister Muhammad Aurangzeb introduced amendments to the Finance Bill 2024. Initially presented by the finance minister on June 12, 2024, the budget contains a comprehensive plan focusing on economic stabilization and growth. The budget came into effect on July 1, 2024, after getting assent from President Asif Ali Zardari.[1]
The budget, amounting to Rs 18 trillion, has been crafted with consideration of the current economic challenges both domestically and internationally. It aims to satisfy the International Monetary Fund (IMF) conditions and balance Pakistan’s growing fiscal deficit through increased taxation, as the country negotiates a larger, long-term program with the IMF worth USD 6-8 billion to secure macroeconomic stability.[2]
